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In a dramatic twist worthy of a “Star Wars” spin-off, Disney ditched CEO Bob Chapek and brought back Bob Iger, Hollywood’s most respected executive, who faces a huge challenge to revive the Magic Kingdom.
Iger’s return comes as Disney is trying to negotiate an uncertain era, where investors have lost faith in some of the most storied names in US media as companies bleed cash in the hunt for customers to streaming platforms.
Disney’s board of directors rehired Iger for a two-year contract that will add to the 15 years he ruled over the company until 2020, when he handed the reins to Chapek.
But Disney’s share price has slumped 40 percent this year and Chapek was unceremoniously fired after less than three years in the top job, much of it struggling to fill the big shoes left by Iger.
Iger’s leadership was extraordinary even by Hollywood’s standards.
The 71-year-old led Disney to new frontiers when he bought the Star Wars and Marvel franchises and launched the Disney+ streaming service to rival Netflix head-on.
He also bought 21 Century Fox from media baron Rupert Murdoch and held on to sports network ESPN despite calls to sell it, maintaining an empire that stretched from theme parks to local TV stations and cruise ships.
The return of Iger was cheered on by Wall Street, with Disney’s share price surging by six percent on Monday, and analysts recommending the stock for the first time since he exited the company.
